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Bitcoin in Iceland

Bitcoin in Iceland

Over the past 5 years, Icelanders have been forced to turn over all foreign currency to the Central bank, meaning they are not free to engage in international trade. Bitcoin and other crypto currencies do not rely on a third party for transactions or generation. This means that crypto currencies are free from manipulation and government control.

Going under the pseudonym ‘Baldur Friggjar Odinsson’ the man behind Aurora coin is seeking to liberate Icelanders from the capital controls imposed on them in 2008 when the economy tumbled and the Krona lost half its value.

Aurora coin, which is a cryptocurrency much like Bitcoin, launched in Iceland with a massive giveaway. Aurora coin seeks to undermine the country’s strict control of capital. Iceland has a population of 320,000 and each citizen has a claim to the 10.5 million pre-mined Aurora coins available. This is meant to create the conditions necessary for Icelanders to start using the currency.

Unlike Bitcoin, Aurora coin is not aiming for International reach, but is looking to cement its Nordic character. During the first hour, 127,650 Aurora coins had been claimed, each valued at roughly $360. Just like Bitcoin, Aurora coin is very volatile and prices skyrocket and nosedive at a whim.

The idea of a national cryptocurrency is not new as Gaelcoin is used In Ireland and Scotcoin is offered to Residents of Scotland.

Bitcoin Mining

On the flat lava plains of Reykjanesbaer, Iceland, there are more than 100 silver computers locked in a cabinet working hard to unearth Bitcoins. Each computer is cooled by the cool blasts of air of the Arctic. The founder of this company is 31 years old and is one of a number of entrepreneurs who have invested in Bitcoin mining operations. Emmanuel Abiodun had the 100 computers custom built to mine Bitcoins.

There are a number of Bitcoin mines in Hong Kong, Washington and many other places but Abiodun decided to install his mining operation in Iceland due to the availability of geothermal and hydroelectric energy. The Arctic is also full of cool air which is piped to cool the machines.

The appeal of Bitcoin is similar to that of gold as it is derived more or less in the same way. The fact that Bitcoin is high-tech and utilizes the internet makes it seem like the wave of the future. Money is no longer something in your pocket that you can jingle and touch.

Iceland’s Crypto currency

Aurora coin, Iceland’s would-be cryptocurrency has legal problems though. . In the country “domestic entities are not allowed to buy Bitcoins from foreign entities, as such transactions are considered a capital movement out of the country,” it cites a website tracking Bitcoins legal status around the world.

The central Bank considers exporting of goods and services in exchange for Bitcoin a breach of their capital controls, meaning Icelandic citizens are not legally allowed to accept Bitcoin as payment. In a recent statement, the Central bank warned against recognizing the currency citing that it is not stable and its value fluctuates widely.

Iceland is the perfect testing ground for the cryptocurrency as the conditions for their uptake are ripe, considering the Country’s monetary policy failure.